Türkiye’s Aselsan signs record $1.3 B export deals in H1 2025
Turkish defense firm expands global footprint with $2.8 B in new contracts, $572 M R&D investment
ISTANBUL, Türkiye (MNTV) — Turkish defense electronics giant Aselsan recorded $1.3 billion in export contracts in the first half of 2025, its highest ever for a six-month period, as the company continues to expand its international footprint amid rising global defense demand.
The company signed $2.8 billion in total new contracts between January and June, marking a 10% year-on-year increase. Export-related deals accounted for 45% of the total, according to a report by Türkiye Today.
Aselsan’s order backlog grew by 30% to reach $16 billion, driven by increased demand for its solutions in air defense, radar, electronic warfare, electro-optics, avionics, and guided munitions.
Total revenue stood at approximately $1.32 billion during the first six months of 2025, reflecting an 11.3% real-term increase over the same period last year. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose 15% to around $332 million, with the company maintaining a strong EBITDA margin of 25%.
The company’s R&D expenditure climbed 42% to $572 million, underscoring its role as Türkiye’s top defense technology innovator.
Infrastructure investments more than doubled year-on-year to over $100 million, with funds directed toward scaling up serial production in smart munitions, guidance systems, and electro-optics.
Financial performance remained strong across the board. Aselsan’s net debt fell 38% year-on-year, slashing its net debt-to-EBITDA ratio from 1.21 to 0.57—well below industry norms. Its financial debt-to-assets ratio dropped to 12.7%, while commercial debt declined by 21% compared to the end of 2024.
Operating cash flow reached approximately $336 million, and free cash flow turned positive at $20 million.
The company now boasts the highest market capitalization on the Borsa Istanbul stock exchange, surpassing $21 billion.
In the first half of 2025, Aselsan rolled out eight new defense systems and saved $25 million annually through the integration of artificial intelligence into its operational workflows.
Despite expanding its workforce, the company achieved a 1.6% increase in per capita revenue, driven by localization strategies and greater efficiency across its supply chain.
Aselsan CEO Ahmet Akyol credited the company’s performance to strategic transformations under the aselsaneXt program, launched in 2024. “We maintained our financial momentum into 2025, with solid performance across all indicators,” Akyol said.
Looking ahead, Aselsan plans to ramp up R&D, expand serial production in priority defense sectors, and deliver cutting-edge technologies for future combat environments.
The company also aims to enter new global markets as defense spending rises amid heightened security concerns.
“By leveraging our engineering capabilities and strategic foresight, we will continue to grow both domestically and internationally,” Akyol added.
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